BAKU, Azerbaijan, July 7. Azerbaijan's economy grew by 0.4 percent through additional investments made in Karabakh in 2022, Deputy Head of Research, Chief CIS economist at Russia's Gazprombank Gulnara Khaidarshina told Trend.
According to her, Gazprombank expects seven percent of Azerbaijan's GDP growth through high prices for hydrocarbons and considerable growth in the non-oil and gas sector (this figure was 11 percent from January through May 2022 year-on-year).
"I guess increased spending in the middle of the year was a timely step in much more favorable conditions on the hydrocarbon market compared to the budget plans. This will make a great contribution to economic growth. Meanwhile, additional spending on these projects will not accelerate inflation, since they are predominantly of an investment nature and are not aimed at stimulating consumer demand," Khaidarshina said.
As to the bank representative, Azerbaijan's GDP growth was expected to reach at least seven percent in 2022 through high prices for hydrocarbons and a considerable rise in the non-oil and gas sector.
"New projects implemented in Azerbaijan's Karabakh will solve the diversification of the economy through construction and industry, which is favorable for Azerbaijan's sovereign ratings," she added.